KING PACIFIC<0072> - Announcement

The Stock Exchange of Hong Kong Limited takes no responsibility 
for the contents of this announcement, makes no representation 
as to its accuracy or completeness and expressly disclaims any 
liability whatsoever for any loss howsoever arising from or 
in reliance upon the whole or any part of the contents of this 
announcement.

King Pacific International Holdings Limited
(Incorporated with limited liability in Bermuda)

Announcement

Further to an announcement dated 20th May, 1999, the directors 
of King Pacific International Holdings Limited (the "Company") 
noted an increase in the price and trading volume of the shares 
of the Company and would like to clarify the contents of various 
articles appearing in today's edition of certain newspapers 
in respect of a writ of approximately HK$143 million filed 
against Mr. Cheng Chao Ming ("Mr. Cheng") and Changjiang Power 
Development (HK) Co. Limited ("CPDL").

This statement is made at the request of the Stock Exchange 
of Hong Kong Limited.

We have noted today's increases in the price and trading volume 
of the shares of the Company and wish to state that we are not 
aware of any reasons for such increases.

Mr. Cheng verbally confirmed with the Company over the phone 
that he received a writ from China Merchants Bank an aggregate 
of US$18.3 million approximately (around HK$143 million) 
including a principal amount of US$16.4 million approximately 
(around HK$128 million) and interest of US$1.9 million 
approximately (around HK$15 million) on 20th May, 1999 and he 
went to Shenzhen to meet with the senior management of China 
Merchants Bank to clarify this matter. Mr. Cheng is confident 
that the writ should be cancelled by the end of this month.

Mr. Cheng verbally confirmed with the Company that the loan 
from China Merchants Bank to CPDL is secured by his personal 
assets in PRC China and none of the Company's shares held by 
each of Mr. Cheng and CPDL has been pledged with China Merchants 
Bank.

This is Mr. Cheng's personal affair. The Company does not see 
that the writ would have any impact on the Company.

Save as disclosed, we also confirm that there are no 
negotiations or agreements relating to intended acquisitions 
or realisations as which are discloseable under paragraph 3 
of listing agreement, neither is the Board aware of any matter 
discloseable under the general obligation imposed by paragraph 
2 of listing agreement, which is or may be a price-sensitive 
nature. 

By Order of the Board
King Pacific International Holdings Limited
Cheung Yiu Wing
Chairman

Hong Kong, 21st May, 1999

The information in this announcement relating to the Company 
has been supplied by the directors of the Company. The directors 
of the Company jointly and severally accept full responsibility 
for the accuracy of the information contained in this 
announcement and confirm, having made all reasonable enquiries, 
that to the best of their knowledge, opinions expressed in this 
announcement have been arrived at after due and careful 
consideration and there are no other facts not contained in 
this announcement the omission of which would make any 
statement in this announcement misleading.